Question: I am in the exam , need the solution now 12. In late 2018 company XYZ discovered that sales revenues of 2016 was overstated by

I am in the exam , need the solution now

I am in the exam , need the solution now 12. In

12. In late 2018 "company XYZ" discovered that sales revenues of 2016 was overstated by $ 40,000, What is the balance of retained earnings as of 31/12/2018 if you know that retained earnings balance as of 01/01/2018 was $200,000, net income for the year 2018 was $150,000? (2 Points) $ 390,000 $ 310,000 None of provided answers is correct $ 350,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Describe how course learning activities and assignments will help you achieve MSN Program Outcome 3: Engage in lifelong personal and professional growth through reflective practice and appreciation...

I am in the exam , need the solution now 15. In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was overstated by $ 40,000, and "selling expenses" was overstated by $ 30,000. What is...

12. In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was overstated by $ 40,000, and "selling expenses" was understated by $ 30,000. What is the balance of retained earnings as of...

In late 2018 company XYZ discovered .16 that "sales revenues" of 2016 was overstated by $ 40,000, and "selling expenses" was overstated by $ 30,000. What is the balance of retained earnings as of...

13. In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was overstated by $ 40,000, and "selling expenses" was overstated by $ 30,000. What is the balance of retained earnings as of...

11. In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was overstated by $ 40,000, and "selling expenses" was overstated by $ 30,000. What is the balance of retained earnings as of...

In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was overstated by $ 40,000, and "selling expenses" was overstated by $ 30,000. What is the balance of retained earnings as of...

10. In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was overstated by $ 40,000, and selling expenses" was overstated by $ 30,000. What is the balance of retained earnings as of...

In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was. 9 stated by $ 40,000, and selling expenses" was overstated by $ 30,000. What is the balance of retained earnings as of...

6. In late 2018 "company XYZ" discovered that sales revenues of 2016 was overstated by $ 40,000, What is the balance of retained earnings as of 31/12/2018 if you know that retained earnings balance...

6. In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was overstated by $ 40,000, and "selling expenses" was understated by $ 30,000. What is the balance of retained earnings as of...

Fill in the appropriate blanks for each of the independent situations below. Company A Company B Company C Sales revenue $ $342,150 $536,580 Beginning inventory 52,230 89,450 Net purchases 192,030...

By noon, hundreds of Eminem fans had lined up for a chance to score free tickets to the concert. When Eminem gave away tickets, what was free and what was scarce? Explain your answer.

d ) The accounting profession is valued by society because: It provides precise answersIt provides assuranceIt guarantees financial performanceIt uses technology to promote efficiency

Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential customers. Students will have the opportunity to establish payroll records and to...

Recording a Business Combination Petra Corporation paid $ 8 million in cash to acquire the assets and liabilities of Salisbury Company. Petra also agreed to make an additional cash payment in the...

Scenario 1: The Very Busy Computer Media and Storage Administrator John has been with Dynamic Software for five years. In that time, he has become the go-to person for system backups and computer...

Compute P(E=Good) Compute P(S=Yes, H=Yes) Compute P(N=No, S=Yes, H=No, E=Good) (1) (2) (3) (4) (5) Compute P(E=Good|N=Yes) Compute P(E=Bad|S=No) P(N=Yes) P(N=No) 0.8 0.2 P(S=Yes) P(S=No) Party Last...

Morton Corp., a calendar-year C corporation, started business in Year 1. In Year 5, the company sold its office building and office furniture, and purchased a new office building and office...

Which of the following behaviors should managers be sure to DO during performance appraisals? Be specific about ratings and feedback Lecture the employee Focus primarily on negative job performance...

4.32 For a binomial probability distribution with P = 0.3 and n = 14, find the probability that the number of successes is equal to 7 and the probability that the number of successes is fewer than 6.

4.29 An investor is considering three strategies for a $1,000 investment. The probable returns are estimated as follows: Strategy 1: A profit of $10,000 with probability 0.15 and a loss of $1,000...

4.26 Students in a large accounting class were asked to rate the course by assigning a score of 1, 2, 3, 4, or 5 to the course. A higher score indicates that the students received greater value from...